VARDAAN: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VARDAAN
Largest movements
- Receivables within one year +€83,780
up €83,780 (+5,505%), from €1,522 to €85,301
of which Trade receivables: +€70,265
- Intangible fixed assets -€15,745
no longer reported in 2025 (was €15,745)
- Tangible fixed assets +€13,145
up €13,145 (+6,689%), from €197 to €13,341
- Stocks and contracts +€11,841
up €11,841 (+183%), from €6,461 to €18,302
- Cash +€5,113
up €5,113 (+184%), from €2,772 to €7,885
mainly Other debts (+€43,127) and Net result for the year (+€26,209)
- Other debts +€43,127
new in 2025: €43,127
- Profit (loss) carried forward +€26,209
up €26,209, from -€11,356 to €14,852
- Trade debts +€17,868
up €17,868 (+2,424%), from €737 to €18,605
- Tax, wage and social debts +€10,930
up €10,930 (+177%), from €6,166 to €17,096
of which Remuneration and social security: +€6,466
- Gross operating margin +€22,861
up €22,861 (+185%), from €12,358 to €35,219
- Purchases and services +€8,439
up €8,439 (+1.3%), from €665,987 to €674,426
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €37,746 | €135,880 | +€98,134 | +260% |
| Fixed assets | 21/28 | €26,991 | €24,391 | -€2,600 | -9.6% |
| Intangible fixed assets | 21 | €15,745 | - | -€15,745 | |
| Tangible fixed assets | 22/27 | €197 | €13,341 | +€13,145 | +6,689% |
| Furniture and vehicles | 24 | €197 | €13,341 | +€13,145 | +6,689% |
| Financial fixed assets | 28 | €11,050 | €11,050 | = | 0.0% |
| Current assets | 29/58 | €10,755 | €111,489 | +€100,733 | +937% |
| Stocks and contracts in progress | 3 | €6,461 | €18,302 | +€11,841 | +183% |
| Stocks | 30/36 | €6,461 | €18,302 | +€11,841 | +183% |
| Amounts receivable within one year | 40/41 | €1,522 | €85,301 | +€83,780 | +5,505% |
| Trade receivables | 40 | - | €70,265 | +€70,265 | |
| Other amounts receivable | 41 | €1,522 | €15,037 | +€13,515 | +888% |
| Cash at bank and in hand | 54/58 | €2,772 | €7,885 | +€5,113 | +184% |
| Total equity and liabilities | 10/49 | €37,746 | €135,880 | +€98,134 | +260% |
| Equity | 10/15 | €30,844 | €57,052 | +€26,209 | +85.0% |
| Contributions | 10/11 | €42,200 | €42,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,356 | €14,852 | +€26,209 | |
| Amounts payable | 17/49 | €6,903 | €78,828 | +€71,925 | +1,042% |
| Amounts payable within one year | 42/48 | €6,903 | €78,828 | +€71,925 | +1,042% |
| Trade debts | 44 | €737 | €18,605 | +€17,868 | +2,424% |
| Suppliers | 440/4 | €737 | €18,605 | +€17,868 | +2,424% |
| Taxes, remuneration and social security | 45 | €6,166 | €17,096 | +€10,930 | +177% |
| Taxes | 450/3 | - | €4,464 | +€4,464 | |
| Remuneration and social security | 454/9 | €6,166 | €12,632 | +€6,466 | +105% |
| Other amounts payable | 47/48 | - | €43,127 | +€43,127 | |
| Turnover | 70 | €668,456 | €665,011 | -€3,445 | -0.5% |
| Non-recurring operating income | 76A | €669 | €1,156 | +€487 | +72.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €665,987 | €674,426 | +€8,439 | +1.3% |
| Remuneration, social security and pensions | 62 | - | €1,974 | +€1,974 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,314 | €1,855 | -€459 | -19.8% |
| Other operating charges | 640/8 | €1,752 | €871 | -€880 | -50.3% |
| Gross operating margin | 9900 | €12,358 | €35,219 | +€22,861 | +185% |
| Operating profit (loss) | 9901 | €8,292 | €30,518 | +€22,226 | +268% |
| Financial income | 75/76B | €0 | €41 | +€41 | +206,050% |
| Recurring financial income | 75 | €0 | €41 | +€41 | +206,050% |
| Financial charges | 65/66B | €277 | €1,551 | +€1,274 | +460% |
| Recurring financial charges | 65 | €277 | €1,551 | +€1,274 | +460% |
| Profit (loss) for the period before taxes | 9903 | €8,015 | €29,009 | +€20,993 | +262% |
| Income taxes | 67/77 | -€1,111 | €2,800 | +€3,911 | |
| Profit (loss) for the period | 9904 | €9,127 | €26,209 | +€17,082 | +187% |
| Profit (loss) for the period to be appropriated | 9905 | €9,127 | €26,209 | +€17,082 | +187% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.